Russia is Using Bitcoin in Foreign Trade, Finance Minister Says

Sanctions have complicated Russia's trade with its major partners like China or Turkey.

By Reuters | Updated: 26 December 2024 16:58 IST

Russia is Using Bitcoin in Foreign Trade, Finance Minister Says

Photo Credit: Unsplash/ Mohd Azrin

Russia is one of the global leaders in Bitcoin mining

Highlights

Putin believes nobody in the world can regulate Bitcoin
Sanctions have complicated Russia's trade -- escalating interest in BTC
Russia believes crypto transactions should expand and develop further

Russian companies have begun using Bitcoin and other digital currencies in international payments following legislative changes that allowed such use in order to counter Western sanctions, Finance Minister Anton Siluanov said on Wednesday.

Sanctions have complicated Russia's trade with its major partners such as China or Turkey, as local banks are extremely cautious with Russia-related transactions to avoid scrutiny from Western regulators.

This year, Russia permitted the use of cryptocurrencies in foreign trade and has taken steps to make it legal to mine cryptocurrencies, including Bitcoin. Russia is one of the global leaders in Bitcoin mining.

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"As part of the experimental regime, it is possible to use Bitcoins, which we had mined here in Russia (in foreign trade transactions)," Siluanov told Russia 24 television channel.

"Such transactions are already occurring. We believe they should be expanded and developed further. I am confident this will happen next year," he said, adding that international payments in digital currencies represent the future.

Earlier this month, President Vladimir Putin said that the current US administration was undermining the role of the US dollar as the reserve currency by using it for political purposes, forcing many countries to turn to alternative assets.

Russia Approves Tax Bill on Cryptocurrency Transactions Amid BTC Boom

He singled out Bitcoin as an example of such assets, saying that no-one in the world could regulate Bitcoin. Putin's remarks indicated that the Russian leader backs the extensive use of cryptocurrencies.

© Thomson Reuters 2024

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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